Westports gets 10-year investment tax allowance from MoF

21/11/2022 07:57 PM

KUALA LUMPUR, Nov 21 (Bernama) -- Westports Holdings Bhd's wholly-owned subsidiary, Westports Malaysia Sdn Bhd (WMSB), has acknowledged the approval received from the Ministry of Finance (MoF) with respect to the granting of a 10-year Investment Tax Allowance (ITA). 

The ITA granted is from Jan 1, 2022 to Dec 31, 2031 to facilitate the capital expenditure (capex) to be incurred by WMSB for its existing and future expansion programmes, it said in a filing with Bursa Malaysia today.

"As part of the ITA, 50 per cent of the qualifying capex incurred by WMSB within the stipulated 10-year period can be offset against its statutory taxable income for each year of assessment within the stipulated 10-year period. 

"The ITA was granted to WMSB following consultations with the MoF, with the conditions, among others, that WMSB is required to incur a minimum of RM4.0 billion in capex with respect to its terminals during the stipulated 10-year period," it said.




BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires;; BERNAMA TV on the Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on the FM93.9 (Klang Valley), FM107.5 (Johor), FM107.9 (Kota Kinabalu) and RM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter :, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2023 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy